Real Estate Regression, writing homework help

Anonymous
timer Asked: Jun 20th, 2016
account_balance_wallet $10

Question description

Directions: Use the real estate data you used for your Week 2 learning team assignment. Analyze the data and explain your answers. 

You are consulting for a large real estate firm.  You have been asked to construct a model that can predict listing prices based on square footages for homes in the city you’ve been researching.  You have data on square footages and listing prices for 100 homes.

1.   Which variable is the independent variable (x) and which is the dependent variable (y)? 

2.  Click on any cell.  Click on Insert→Scatter→Scatter with markers (upper left).

To add a trendline, click Tools→Layout→Trendline→Linear Trendline

Does the scatterplot indicate observable correlation?  If so, does it seem to be strong or weak? 

   In what direction?

3.  Click on Data→Data Analysis→Regression→OK.  Highlight your data (including your two headings) and input the correct columns into Input Y Range and Input X Range, respectively.  Make sure to check the box entitled “Labels”. 

(a)  What is the Coefficient of Correlation between square footage and listing price? 

(b)  Does your Coefficient of Correlation seem consistent with your answer to #2 above?  Why or why not? 

(c)  What proportion of the variation in listing price is determined by variation in the square footage?  What proportion of the variation in listing price is due to other factors?

(d)  Check the coefficients in your summary output. What is the regression equation relating square footage to listing price?

(e)  Test the significance of the slope. What is your t-value for the slope?  Do you conclude that there is no significant relationship between the two variables or do you conclude that there is a significant relationship between the variables?

(f)  Using the regression equation that you designated in #3(d) above, what is the predicted sales price for a house of 2100 square feet?


Tutor Answer

tutorjohn
School: UIUC

Attached are the Excel file I produced and the solutions I wrote up. Let me know if you have any questions etc. Thank you! :D

Property Address
4986 Highland Oaks Way SEMableton, GA 30126
Seagrass, Mableton, GA 30126
321 Vinings Vintage Cir, Mableton, GA 30126
987 Regal Hills Ln, Mableton, GA 30126
5143 Silhouette Ln SW, Mableton, GA 30126
520 Vinings Estates Dr Unit B04, Mableton, GA 30126
6072 Queens River Dr, Mableton, GA 30126
6404 Crown Forest Ct, Mableton, GA 30126
Meadow At Millers Pond Powder Springs, GA 30127
1604 Pedro Dr SW, Mableton, GA 3012622
1219 Mable St SW, Mableton, GA 3012614
5891 Brookmere Park Dr, Mableton, GA 301261
5950 Vinings Vintage Way, Mableton, GA 3012623
1441 Compton Dr SW, Mableton, GA 3012611
1251 Wisteria Dr SW, Mableton, GA 3012617
1510 Justine Way SE, Mableton, GA 3012625
5878 Gresham Pl SW, Mableton, GA 3012613
5925 Heavenwood Dr SE, Mableton, GA 3012613
1621 Glenn Pl SW, Mableton, GA 301269
632 King Sword Ct SE, Mableton, GA 3012625
5624 Vinings Retreat Pass SW, Mableton, GA 3012617
500 Benson Hurst Dr SW, Mableton, GA 3012625
522 Mount Gerizim Rd SE, Mableton, GA 3012623
321 Vinings Vintage Cir, Mableton, GA 3012621
149 Belleen Ct SW, Mableton, GA 3012625
91 Cooper Lake Rd SE, Mableton, GA 3012610
1268 Discover Green Ln #7, Mableton, GA 3012620
5004 Highland Oaks Ct SE, Mableton, GA 3012624
5377 Windsor Green Ct SE, Mableton, GA 3012625
1204 Grand View Dr SE, Mableton, GA 3012625
593 Lakeview Ter SE, Mableton, GA 3012627
521 Valley Creek RdMableton, GA

Listing
Price
445,000.00
447,990.00
265,000.00
400,000.00
275,000.00
310,000.00
303,000.00
349,900.00
244,990.00
150,000.00
205,000.00
334,900.00
249,900.00
179,900.00
125,000.00
269,000.00
127,500.00
120,000.00
115,000.00
350,000.00
339,000.00
219,000.00
300,000.00
265,000.00
299,000.00
110,000.00
247,500.00
389,900.00
445,000.00
599,000.00
445,900.00
124,000.00

Square
Footage
2,684
2,371
2,721
4,133
2,369
3,245
3,029
2,412
2,526
1,872
2,500
4,014
2,369
1,779
1,170
2,433
1,430
1,500
2,026
5,136
1,536
2,800
3,209
2,721
3,486
1,120
2,026
2,861
4,323
4,042
5,200
1,232

Number of
Bedrooms
4
3
5
6
4
4
4
4
4
3
4
6
4
3
3
5
3
3
3
6
5
4
4
5
4
3
3
3
4
5
5
3

Means for Goups of Ten

Group 1 Mean

319,088.00

Group 2 Mean

207,620.00

Group 3 Mean

321,340.00

Property Address
6534 Factory Shoals Rd SW, Mableton, GA 30126
1220 Buckner Rd SE, Mableton, GA 30126
787 Bellhaven Chase Ct, Mableton, GA 30126
5180 Ivy Green Way SE, Mableton, GA
6101 Heritage Way SE, Mableton, GA 30126
5721 Wandering Vine Trl, Mableton, GA 30126
896 Gramercy Hills Ln, Mableton, GA 30126
5237 Cresthaven Walk, Mableton, GA 30126
6344 Century Park Pl SEMableton, GA
460 Pineland Rd SW, Mableton, GA 30126
1168 Vinings Pl, Mableton, GA 30126
500 Benson Hurst Dr, Mableton, GA 30126
4720 Timberland Dr SW, Mableton, GA 30126
61 Anne Boleyn Ct SEMableton, GA
5100 Civitania Rd #SE, Mableton, GA 30126
5143 Silhouette Ln SW, Mableton, GA 30126
630 Vinings Estates Dr SE, Mableton, GA 30126
6404 Crown Forest Ct, Mableton, GA 30126
553 Vinings Springs Dr SE, Mableton, GA 30126
4487 Brookwood Dr SW, Mableton, GA 30126
987 Regal Hills Ln, Mableton, GA 30126
630 Vining Estates Way, Mableton, GA 30126
76 Cooper Lake Rd SE, Mableton, GA 30126
520 Vinings Oaks Run, Mableton, GA 30126
1534 Pedro Dr SW, Mableton, GA 30126
5353 Bluestone Cir 16Mableton, GA
5320 Bluestone Cir 20, Mableton, GA 30126
5265 Bluestone Cir 2Mableton, GA
119 Cooper Lake Rd SE, Mableton, GA 30126
4534 Queen Anne Ct SE, Mableton, GA 30126
101 Vinings Lake Pass 22Mableton, GA
805 SE Pilot Mountain Way 17, Mableton, GA 30126

Listing
Price
129,000.00
265,000.00
439,900.00
609,000.00
115,000.00
224,900.00
337,500.00
538,900.00
369,900.00
145,000.00
350,000.00
219,900.00
325,000.00
215,000.00
259,000.00
275,000.00
649,000.00
349,900.00
474,900.00
374,000.00
400,000.00
649,000.00
875,000.00
274,900.00
174,900.00
499,900.00
525,000.00
517,041.00
145,000.00
280,000.00
303,000.00
297,572.00

Square
Footage
952
1,380
3,973
5,354
1,032
1,910
2,551
3,803
2,608
1,650
3,160
2,800
4,246
1,884
1,441
2,460
4,960
2,412
3,959
3,098
4,133
4,960
3,402
2,613
1,373
3,587
2,400
2,886
1,448
2,542
1,089
2,500

Number of
Bedrooms
3
3
5
5
4
3
4
4
4
3
4
4
4
3
3
4
6
4
5
4
6
6
3
5
4
4
3
4
3
4
4
4

Means for Goups of Ten

Group 4 Mean

322,910.00

Group 5 Mean

315,770.00

Group...

flag Report DMCA
Review

Anonymous
Only issue was the guy's response time which was a bit long, which made me a bit anxious. Reached out to the help desk and they helped me out, turns out the tutors aren't all from US which meant there was a time difference. No issues on the quality.

Similar Questions
Hot Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors